South Africa: Africa Energy acquires Block 2B


Issue 315 - 14 Jan 2016 | 1 minute read

Africa Energy Corporation has acquired a 90% interest in shallow water Block 2B through three transactions. The company has bought Afren’s 25% for $1m, taken over Thombo Petroleum to acquire another 34.5%, and agreed a farm-in with Crown Petroleum giving it another 30.5%. Crown retains the other 10%. Africa Energy acquired Thombo for $2m in cash and 14.8m shares. The company will reimburse Crown for $300,000 of net back costs and will meet Crown’s costs for the next well. To finance the transactions, Africa Energy raised $5m via a private placement.

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